Quote:
Originally Posted by J.OT13
I somehow missed that. Thanks.
So the Feds are basically paying part of the rent, at a rate of $1.7 million per unit over 21 years. That's $80,952 per year, per unit.
The entire building is 321 units, but the Fed's $115 million contribution is for the 65 "affordable" units only.
These "deals" are puzzling to me. The Feds are just about funding the entire project so that a fraction of the units can be "affordable". It's basically corporate well-fare. Why not invest these amounts in Ottawa Community Housing to actually build 321 (or whatever $115 million can buy) affordable units?
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It seems as though it is a low-cost loan based on the article. But it really doesn't seem too clear.
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